IP: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IP
Largest movements
- Receivables within one year +€47,918
up €47,918 (+5637.4%), from €850 to €48,768
of which Other amounts receivable: +€48,768
- Current investments +€27,296
up €27,296 (+5.0%), from €549,725 to €577,021
- Cash -€12,334
down €12,334 (-21.5%), from €57,330 to €44,996
mainly Receivables within one year (-€47,918) and Other debts (-€37,735)
- Tangible fixed assets -€8,634
down €8,634 (-24.1%), from €35,784 to €27,150
of which Plant, machinery and equipment: -€7,526
- Reserves +€69,354
up €69,354 (+11.9%), from €582,717 to €652,071
of which Distributable reserves: +€69,354
- Other debts -€37,735
no longer reported in 2025 (was €37,735)
- Tax, wage and social debts +€30,639
up €30,639 (+72.3%), from €42,361 to €73,000
- Debts after one year -€9,622
down €9,622 (-23.3%), from €41,315 to €31,693
- Financial income +€51,405
up €51,405 (+133.8%), from €38,407 to €89,812
- Taxes +€32,001
up €32,001 (+137.2%), from €23,323 to €55,324
- Gross operating margin -€16,499
down €16,499 (-20.1%), from €82,277 to €65,778
- Financial charges +€3,102
up €3,102 (+16.2%), from €19,176 to €22,278
- Depreciation +€2,488
up €2,488 (+40.5%), from €6,146 to €8,634
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €643,847 | €698,093 | +€54,246 | +8.4% |
| Fixed assets | 21/28 | €35,942 | €27,308 | -€8,634 | -24.0% |
| Tangible fixed assets | 22/27 | €35,784 | €27,150 | -€8,634 | -24.1% |
| Plant, machinery and equipment | 23 | €32,641 | €25,115 | -€7,526 | -23.1% |
| Furniture and vehicles | 24 | €3,143 | €2,035 | -€1,108 | -35.3% |
| Financial fixed assets | 28 | €158 | €158 | = | 0.0% |
| Current assets | 29/58 | €607,905 | €670,785 | +€62,880 | +10.3% |
| Amounts receivable within one year | 40/41 | €850 | €48,768 | +€47,918 | +5637.4% |
| Trade receivables | 40 | €850 | - | -€850 | |
| Other amounts receivable | 41 | €0 | €48,768 | +€48,768 | |
| Current investments | 50/53 | €549,725 | €577,021 | +€27,296 | +5.0% |
| Cash at bank and in hand | 54/58 | €57,330 | €44,996 | -€12,334 | -21.5% |
| Total equity and liabilities | 10/49 | €643,847 | €698,093 | +€54,246 | +8.4% |
| Equity | 10/15 | €504,421 | €573,775 | +€69,354 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €582,717 | €652,071 | +€69,354 | +11.9% |
| Non-distributable reserves | 130/1 | €1,080 | €1,080 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,080 | €1,080 | = | 0.0% |
| Tax-exempt reserves | 132 | €698 | €698 | = | 0.0% |
| Distributable reserves | 133 | €580,939 | €650,293 | +€69,354 | +11.9% |
| Profit (loss) carried forward | 14 | -€96,896 | -€96,896 | = | 0.0% |
| Amounts payable | 17/49 | €139,426 | €124,318 | -€15,108 | -10.8% |
| Amounts payable after more than one year | 17 | €41,315 | €31,693 | -€9,622 | -23.3% |
| Financial debts | 170/4 | €41,315 | €31,693 | -€9,622 | -23.3% |
| Amounts payable within one year | 42/48 | €98,111 | €92,625 | -€5,486 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €9,445 | €9,620 | +€175 | +1.9% |
| Trade debts | 44 | €8,570 | €10,005 | +€1,435 | +16.7% |
| Suppliers | 440/4 | €8,570 | €10,005 | +€1,435 | +16.7% |
| Taxes, remuneration and social security | 45 | €42,361 | €73,000 | +€30,639 | +72.3% |
| Taxes | 450/3 | €42,361 | €73,000 | +€30,639 | +72.3% |
| Other amounts payable | 47/48 | €37,735 | - | -€37,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,146 | €8,634 | +€2,488 | +40.5% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €82,277 | €65,778 | -€16,499 | -20.1% |
| Operating profit (loss) | 9901 | €76,131 | €57,144 | -€18,987 | -24.9% |
| Financial income | 75/76B | €38,407 | €89,812 | +€51,405 | +133.8% |
| Recurring financial income | 75 | €38,407 | €89,812 | +€51,405 | +133.8% |
| Financial charges | 65/66B | €19,176 | €22,278 | +€3,102 | +16.2% |
| Recurring financial charges | 65 | €19,176 | €22,278 | +€3,102 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €95,362 | €124,678 | +€29,316 | +30.7% |
| Income taxes | 67/77 | €23,323 | €55,324 | +€32,001 | +137.2% |
| Profit (loss) for the period | 9904 | €72,039 | €69,354 | -€2,685 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,039 | €69,354 | -€2,685 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.